Investments in the territories of Azerbaijan released during the 44-day war in 2020 helped to increase the construction of 5.2%, turning back the five-year decline in the industry. According to Report, this is stated in the July report of the Asian Development Bank (Abr) “Asian Development Outlook-2022”.
According to the report, in May 2022, the economy of Azerbaijan increased by 7.2%, reflecting the high growth rates in the non -omnifier sector.
ABR revised subregional growth forecasts towards the increase for the Caucasus and Central Asia from 3.6% to 3.8% in 2022 and from 4% to 4.1% in 2023.
“This mainly reflects the improvement of forecasts for Azerbaijan, Georgia, Armenia and Tajikistan, which withstood the economic consequences of the war in Ukraine better than expected. Moreover, these economies can slow down in the coming months amid an uncertain geopolitical situation.